[Update 1: Adds comment from Robert Shiller]
The Standard & Poor’s (S&P)/Case-Shiller US National Home Price Index showed some positive quarterly improvement, gaining 2.9% in Q209 from Q109. It marks the first quarter-over-quarter improvement in three years.
But the index was down 14.9% in Q209 from Q208, and the 10- and 20-city composites also saw similar year-over-year declines. Average home prices are now at their early 2003 levels.